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Accountants have long known the headaches associated with trying to recover erroneous payments to vendors and identifying their sources. For more than three decades, recovery audit services (RAS) firms have been helping companies track down these costly mistakes. More than 87 percent of companies turn to a RAS firm to conduct post-payment audits and identify losses.

But today’s automation and technology are allowing companies to take a more proactive approach to this $10 billion problem. Payment Audit Solutions (PAS) helps organizations manage and prevent payment errors by monitoring, correcting and recouping overpayments via specialized software. One in five companies has added PAS to their arsenal of audit tools, and many more are beginning to look into this cost-saving process.

A new report, Payment Audit Solutions (PAS): The Increasing Role of Technology in Your Payment Recovery Process, by PayStream Advisors, Inc. is designed to help accounts payable, controllers and finance professionals understand, review and evaluate pre- and post-payment disbursement audit solutions. This vendor analysis report and buyer’s guide examines vendor strategies and technologies to identify, stop and recoup (if necessary) supplier overpayments, duplicate payments, uncollected discounts, rebates and other funds paid in error.

The free report offers an in-depth look at specific vendors who are shaping the PAS industry and the solutions that they deliver. It includes an overview of Payment Audit Solutions through the eyes of software consultants and analysts who specialize in financial automation technology.

”Financial managers can use these findings in support of their search for and understanding of process improvement and automation opportunities. We believe that any attempts to monitor transactions and payments are valuable and certain to identify and prevent future losses,” said Henry Ijams, Managing Director for PayStream Advisors.

A free companion webinar, “Payment Audit Solutions: The Increasing Role of Technology in Your Payment and Recovery Process,” was held at 2 p.m. on December 19, 2006. To receive a free copy of the PAS report, please visit our website.

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